Golden Mile Resources (ASX:G88) is set to begin a desktop study and field reconnaissance program on 2 freshly granted tenements within its Marble Bar Lithium and Gold Project in Western Australia.
The 2 granted tenements, E45/6210 and E45/6211, lie 10km west of Marble Bar.
Golden Mile aims to target lithium pegmatites, lode gold, and nickel through its exploration work in the area.
The company anticipates the Desktop Study to be completed towards the end of the year.
Meanwhile, the field reconnaissance and exploration targeting work will run through to March 2024.
Golden Mile Resources Managing Director Damon Dormer says: “We see the potential to enhance our portfolio through advancing the Marble Bar project while maintaining our priority on the Quicksilver nickel-cobalt project.”
“We see the potential to enhance our portfolio through advancing the Marble Bar project while maintaining our priority on the Quicksilver nickel-cobalt project”
E45/6210 is believed to have the potential for structurally controlled lode gold mineralisation, conglomerate-hosted gold within the hardy formation, and intrusive-related gold and base metal mineralisation.
Golden Mile says E45/6211 is believed to have similar potential alongside nickel mineralisation associated with unexplored ultramafic stratigraphy in the northern area of the project.
Following this announcement, Golden Mile’s share price increased by 15.79% to close at $0.022 on Wednesday afternoon (18 October).
The Marble Bar project is located within a 100km radius of the major Wodgina and Pilgangoora lithium mines and 20km from Global Lithium Resources’ (ASX:GL1) Archer discovery.
Golden Mile Resources is a Western Australia-based project development and mineral exploration company.
As of 30 June 2023, Golden Mile had $2.357 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Golden Mile Resources
